Flat fee MLS - List Idaho - Get Pre-approved for a Loan

Buyer's Guide

Preparing to
Buy

Check Your Credit

Get
Pre-approved

Finding Your Home

After the Offer

Closing

Get Pre-Approved for a Loan

There are several advantages of getting pre-approved for a mortgage before you look for a home. First, you will know in advance how much you can afford to spend. You won't waste time looking at properties beyond your means. Getting pre-approved for a mortgage also enables you to move quickly when you find a home. It lets a seller know you're a serious buyer and your offer may be in a better position than an offer from someone who hasn't been pre-approved.

Don't confuse getting pre-qualified for a mortgage with being pre-approved.

Mortgage pre-qualification
Getting pre-qualified is the first step in the mortgage process. It involves supplying a lender with basic information regarding your debt, income and assets. Getting pre-qualified for a mortgage helps give you an idea of how much you might qualify to borrow. With a pre-qualification, no information has been verified. It is a service provided by banks and mortgage companies who are trying to obtain your business.

Getting a pre-approved mortgage
A pre-approval goes a step further than a pre-qualification. Your lender will pull your credit report and credit rating. Since your income and assets are not verified until you actually apply for a loan, it is important to be completely honest and accurate when giving your financial information to the lender. Inflating your income or assets could keep you from getting a loan when the information finally comes out. Pre-approvals don't always guarantee financing, but if you have provided valid information to the loan officer, the chances are good that your loan will be approved.

Collect your important financial documents - Your lending institution will normally need the following information when you apply for a loan: